Concentrated Photovoltaic Market is expected to grow at a robust CAGR

Global Concentrated Photovoltaic Market is expected to grow owing to awareness of renewable energy resources throughout the forecast period.

 

According to TechSci Research report, “Concentrated Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Concentrated Photovoltaic Market is expected to register robust growth during the forecast period. The growing demand for grid-connected electricity, along with increasing awareness of renewable resources for power generation, is expected to drive the adoption of Concentrated Photovoltaic (CPV) technology across various applications. The declining cost of conventional PV modules has led to a surge in demand for CPV and other silicon-based solar technologies. Additionally, the relatively smaller installation area required by CPV is projected to further fuel its demand in the near future. Solar technology is primarily deployed in regions with abundant direct sunlight.

Ongoing research and development efforts are currently focused on enhancing multi-junction solar cells utilized in Concentrated Photovoltaic (CPV) systems. The primary objective of these endeavors is to improve the efficiency of solar cells, resulting in higher energy yields and superior performance, particularly in regions with abundant sunlight.

As the CPV market continues to expand, economies of scale can contribute to reduced manufacturing and installation costs. With increased production volumes, CPV systems can become more cost-competitive compared to traditional photovoltaic technologies.

Furthermore, advancements in the design and manufacturing of optical components, such as lenses and mirrors, have the potential to offer cost-effective solutions while maintaining or even enhancing CPV system efficiency.

 

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Based on product, the Refractor segment is projected to dominate the market throughout the forecast period. The design and precision of refractors play a crucial role in the performance of CPV systems. Careful engineering is required to achieve the desired concentration ratio and ensure accurate redirection of concentrated sunlight onto solar cells. Some CPV systems utilize curved lenses, such as parabolic or spherical shapes, depending on the design specifications. Refractors must withstand outdoor environmental conditions, including sunlight exposure, temperature fluctuations, and humidity. Advancements in materials and coatings are enhancing the durability and longevity of refractors. Moreover, scalable refractor designs are essential for large utility-scale CPV installations, as they help reduce the cost per unit of concentrated sunlight, thus enhancing the competitiveness of CPV technology. In summary, the refractor segment in the global concentrated photovoltaic market significantly influences CPV system efficiency and performance. Continuous advancements in refractor technology, precision design, material selection, and cost-effectiveness are pivotal for driving the adoption of CPV technology and enhancing its competitiveness in the renewable energy landscape. The efficiency gains achieved through refractors reinforce CPV's appeal as a promising option for utility-scale solar installations.

Based on application, Utility segment is projected to dominate the market throughout the forecast period. Due to the concentration of sunlight using optical components, utility-scale CPV projects often require a significant land footprint. They are typically deployed in regions with abundant sunlight, such as deserts or open rural areas. Utility-scale CPV installations are designed to seamlessly integrate with the electricity grid, contributing to grid stability by providing consistent and substantial electricity generation during daylight hours. CPV systems incorporate precision optical components, such as lenses or mirrors, to concentrate sunlight onto the solar cells. This concentration significantly enhances energy yield, allowing utility-scale CPV installations to generate more electricity per unit of land area. CPV projects enhance energy security by diversifying the energy mix and reducing reliance on fossil fuels. In regions with volatile energy supplies, utility-scale CPV installations offer a stable and sustainable source of electricity. Many governments around the world offer incentives, subsidies, and feed-in tariffs to encourage the development of utility-scale CPV projects, creating a favorable environment for project developers and investors. In conclusion, the utility segment in the global concentrated photovoltaic market represents a crucial component of the renewable energy landscape. Utility-scale CPV installations offer high efficiency, substantial electricity generation capacity, and grid stability benefits. As technology costs continue to decrease and governments promote clean energy, utility-scale CPV projects are expected to play an increasingly significant role in meeting global electricity demand while reducing environmental impacts.

 

Key market players in the Global Concentrated Photovoltaic Market are:-

• Radical Sun Systems, Inc.
• SolAero Technologies Corp.
• Arzon Solar LLC.
• Cool Earth Solar
• Morgan Solar Inc.
• ARIMA Group
• Suncore Photovoltaic Technology Company Limited
• Sumitomo Electric Industries, Ltd.
• Saint-Augustin Canada Electric Inc. (STACE)
• Sanan Optoelectronics Technology Co., Ltd

 

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“Asia Pacific is expected to dominate the market during the forecast period. The region is currently experiencing significant growth in large-scale CPV projects, particularly in countries with abundant solar resources. These projects primarily aim to meet the increasing energy demands by focusing on utility-scale electricity generation. CPV technology is also being explored for rural electrification initiatives in remote areas of the Asia-Pacific region. Such systems have the potential to offer reliable and sustainable electricity access to off-grid and underserved communities.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Concentrated Photovoltaic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Reflector and Refractor), By Concentration (Low and High), By End User (Utility and Commercial), By Region, By Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Global Concentrated Photovoltaic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Concentrated Photovoltaic Market.

 

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